Software Giant Oracle Teams With InfStones for Web3 Development
The collaboration will attempt to bring a “scalable” Web3 infrastructure development platform for shared enterprise customers
InfStones CEO Zhenwu Shi | Source: InfStones
key takeaways
- Oracle, the world’s third largest software company by revenue, has tapped infrastructure provider InfStones to compliment its blockchain suite of offerings
- It comes as major tech firms implementing blockchain face profitability headaches amid rising inflation
Oracle, one of the world’s largest software companies, has teamed up with a budding blockchain infrastructure provider to deliver a scalable Web3 infrastructure development platform for their shared enterprise customers.
Provider InfStones said Tuesday it has teamed up with Oracle in a bid to accelerate the new iteration of the internet.
While Oracle is no stranger to blockchain — having unveiled its enterprise-grade blockchain platform back in July 2018 — its collaboration with InfStones represents a growing trend in Web3 infrastructure development.
Despite that trend, large tech firms adopting blockchain-related technology, such as Google, Meta and Microsoft, could be facing profitability headaches amid mountain inflation, according to an analysis by Forbes in May.
Oracle said the combination of its platforms running atop Oracle’s Cloud Infrastructure will reduce barriers to entry for new companies looking to incorporate distributed ledgers into their stacks.
Amazon Web Services and Microsoft Azure also offer “Blockchain-as-a-Service” platforms. These allow companies to run tailored permissioned (private) blockchain networks hosted by the tech giants.
“Partnering with Oracle Cloud Infrastructure offers enterprise customers a robust cloud infrastructure across OCI’s multiple regions worldwide,” InfStones’ CEO Zhenwu Shi said in a statement.
Oracle said it will work with InfStones to bring its enterprise blockchain customers to more verticals and builders across the Web3 development ecosystem. Shi previously worked as a senior software engineer at Oracle.
Established in 2018 as a staking and infrastructure platform providing services to institutional clients, InfStones has since grown to include a node management platform for users alongside an integrated API offering, allowing developers to build applications on blockchain networks such as Polygon, Solana and Chainlink.
InfStones, headquartered in North Texas, counts crypto-native clients including Binance, Circle and Compound. The firm closed a $66 million funding in June co-led by SoftBank, and said the round valued it at nearly $1 billion.
“The power of the InfStones platform and Oracle’s next-generation cloud infrastructure provides our joint customers with an extremely performant, reliable and secure platform for developing decentralized Web3 applications,” said Chris Gandolfo, senior vice president of cloud venture, Oracle.
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